Form 4: Procore Technologies Director Kevin J. O'Connor Reports Changes in Beneficial Ownership
SEC Form 4
Director Kevin J. O'Connor reports contributing Procore Technologies shares to an exchange fund and selling shares, resulting in adjustments to his beneficial ownership.
Summary
- On June 21, 2023, Kevin J. O'Connor, a director of Procore Technologies, Inc., contributed 31,543 shares of common stock to an exchange fund at a value of $65.62 per share.
- On August 19, 2024, O'Connor contributed 25,000 shares of common stock to an exchange fund at a value of $57.53 per share.
- Following these transactions, O'Connor directly owns 13,583 shares and indirectly owns 1,380,078 shares through the Kevin J. O'Connor Revocable Trust U/A DTD 06-13-19.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions by a company director. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
This filing is a routine disclosure of stock transactions by a company insider, which is common in publicly traded companies. It provides transparency to investors regarding the actions of key personnel.
Comparison to Industry Standards
- Form 4 filings are standard practice for directors and officers of publicly traded companies like Procore Technologies, similar to filings made by insiders at companies like Autodesk (ADSK) and Oracle (ORCL).
- The transactions reported, involving contributions to an exchange fund, are a common strategy for diversifying holdings while deferring capital gains taxes, a practice seen among executives at various tech companies.
Stakeholder Impact
- The transactions may have a minor impact on shareholders by slightly altering the ownership structure.
- The transactions do not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 06/13/19 | Date of the Kevin J. O'Connor Revocable Trust U/A DTD. |
| 06/21/2023 | Date of transaction where 31,543 shares were contributed to an exchange fund. |
| 08/19/2024 | Date of transaction where 25,000 shares were contributed to an exchange fund. |
| 08/21/2024 | Date of signature on the Form 4 filing. |
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